v3.26.3
Income Taxes
 9 Months Ended
Aug. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes and effective tax rate were as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2026202520262025
Provision for income taxes$101,592 190,892 275,742 520,478 
Effective tax rate (1)26.4%24.4%25.2 %24.7 %
(1)For the three and nine months ended August 31, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the three and nine months ended August 31, 2026 from the prior year was primarily due to the Company's spin-off of Millrose Properties, Inc.